House price rise boosts equity release

House prices have risen by 8.5 per cent over the last 12 months, meaning that homeowners will be able to extract more cash from their homes via equity release.

The 0.2 per cent rise in April saw average property values stay well over £165,000 (£165,596).

According to the figures from the Land Registry, Brighton and Hove saw the highest year-on-year price change during April, rising by nearly 17 per cent (16.8 per cent).

This means that homeowners in that area who enter an equity release scheme will be able to extract nearly a fifth more than this time in 2009.

There could be a further boost for equity release in the long term, as property website Rightmove indicated a surge in people putting their houses on the market.

They hope that this will reinvigorate the housing market and see prices increase accordingly.

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